MRF Tyres Reports Dip In Q3 Profits
Leading Indian tyre manufacturer, MRF, recently reported a loss of 18 percent in standalone net profit at the end of the quarter ended on 31st December, 2018. The profit stood at INR. 279.26 crore and it is learnt that the loss was incurred due to the overall increase in the expenses. The Chennai-based company had earlier reported a net profit of INR. 340.51 crore in the same quarter (October-December 2017-2018) last year.
However, the good news is that the revenue from operations rose to INR. 4,033.76 crore for the quarter reviewed. Whereas, last year during the same quarter it stood at INR. 3,798.82 crore, MRF said in a regulatory filing.
The company also reported that total expenses in the third quarter increased to INR. 3,750.25 crore, which was INR. 3,331.14 crore during the same period last year. The board of company also recommended an interim dividend of INR. 3 per share during their recent meeting.